MUSCAT: Omantel, on Wednesday, April 13, announced that it has collaborated with Oman Investment Authority (OIA) to establish a Real Estate Investment Fund called ‘Pearl REIF’, a special purpose REIF company approved by the Capital Market Authority.
Pearl REIF’s share capital amounts to OMR 42,477,021. Omantel’s contribution to the Pearl REF is in-kind and to this effect that has entered into a definitive agreement with Pearl REIF for a sale and lease back of its headquarter building located in Madinat Al Irfan.
In consideration of in-kind contribution, Omantel will receive 279,086,867 units worth 100 Baisa each in the Pearl REIF and an amount of OMR 27,091,313 in cash for the total value of its in-kind contribution.
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This transaction is part of Omantel’s asset lite strategy that is expected to support the deleveraging of its existing debts.
